Appraisal Reports

Traditional Appraisal Reports

Single Family –

  • FNMA 1004 Uniform Residential Appraisal Report (URAR)
  • Uniform Standards of Professional Appraisal Practice (USPAP) compliant
  • Used to provide the client with an accurate opinion of market value

Report Includes:

  • Interior & Exterior inspection of the subject with interior & exterior photos
  • Floor plan sketch with exterior dimensions
  • Exterior inspection of all comparable sales with exterior photos
  • Comparable Sales Analysis
  • Cost Approach Analysis (If required by Client)
  • Income Approach Analysis (When Applicable)
  • Location Map
  • Certifications & Limiting Conditions
  • 2-4 Business days (Following Inspection)

Condo –

· FNMA 1073 Individual Condominium Unit Appraisal Report

· Uniform Standards of Professional Appraisal Practice (USPAP) compliant

  • Used to provide the client with an accurate opinion of market value

Report Includes:

  • Interior & Exterior inspection of the subject with interior & exterior photos
  • Floor plan sketch
  • Exterior inspection of all comparable sales with exterior photos
  • Comparable Sales Analysis
  • Project information & Analysis
  • Income Approach Analysis (When Applicable)
  • Location Map
  • Certifications & Limiting Conditions
  • 2-4 Business days (Following Inspection)

 

Multi-Family –

· FNMA 1025 Small Residential Income Property Report

· Uniform Standards of Professional Appraisal Practice (USPAP) compliant

· Used to provide the client with an accurate opinion of market value

Report Includes:

  • Interior & Exterior inspection of the subject with interior & exterior photos
  • Floor plan sketch with exterior dimensions
  • Exterior inspection of all comparable sales with exterior photos
  • Comparable Sales Analysis
  • Cost Approach Analysis (If required by client)
  • Income Approach Analysis
  • Location Map
  • Certifications & Limiting Condition
  • Operating Income Statement (If required by Client)
  • 3-5 Business Days (Following Inspection)

Manufactured Home –

  • FNMA 1004C Single Family Manufactured Home Appraisal Report
  • Uniform Standards of Professional Appraisal Practice (USPAP) compliant
  • Used to provide the client with an accurate opinion of market value

Report Includes:

  • Interior & Exterior inspection of the subject with interior & exterior photos
  • Floor plan sketch with exterior dimensions
  • Exterior inspection of all comparable sales with exterior photos
  • Comparable Sales Analysis
  • Cost Approach Analysis
  • Income Approach Analysis (When Applicable)
  • Location Map
  • Certifications & Limiting Conditions
  • HUD data plate/compliance information
  • Condo/Coop appraisal report addendum (When Applicable)
  • 5-7 business days (Following Inspection)

 

FHA –

  • FNMA 1004 Uniform Residential Appraisal Report (URAR)
  • Uniform Standards of Professional Appraisal Practice (USPAP) compliant
  • Completed by FHA licensed appraiser
  • Used to provide the client with an accurate opinion of market value

Report Includes:

  • Interior & Exterior inspection of the subject with interior & exterior photos
  • Floor plan sketch with exterior dimensions
  • Exterior inspection of all comparable sales with exterior photos
  • Comparable Sales Analysis
  • HUD/FHA valuation condition sheet (If required by client)
  • Location Map
  • Certifications & Limiting Conditions
  • 3-5 business days (Following Inspection)

REO –

  • FNMA 1004 Uniform Residential Appraisal Report (URAR)
  • Uniform Standards of Professional Appraisal Practice (USPAP) compliant
  • Used to estimate market value of a single family residential property in default throughout the stages of foreclosure

Report Includes:

  • Interior & Exterior inspection of the subject with interior & exterior photos
  • Floor plan sketch with exterior dimensions
  • Exterior inspection of all comparable sales with exterior photos
  • Condition of improvements depreciation repairs & construction quality. As is & as repaired values for typical marketing time & as is & as repaired values for client imposed marketing time
  • Comparable Sales Analysis
  • Cost Approach
  • Location Map
  • REO Addendum
  • Certifications & Limiting Conditions
  • 5-7 business days (Following Inspection)

 

ERC Relocation –

  • ERC Employee Relocation Council Summary Appraisal Report ERC Rev. 9/03
  • Used to assist the employer in facilitating the employee relocation process
  • Used to estimate anticipated sales price

Report Includes:

  • Interior & Exterior inspection of the subject with interior & exterior photos
  • Floor plan sketch with exterior dimensions
  • Exterior inspection of comparables & exterior photos
  • Analysis of Comparable sales
  • Analysis of competing properties
  • Analysis of subjects condition repair/improvements needed with photos
  • ERC Residential Appraisal Report Addendum Form Rev. 2/91 for condos.
  • Location Map
  • Certifications & Limiting Conditions
  • 3-5 business days (Following Inspection)

Collateral Appraisal Reports

2055 Exterior (Drive-By) –

· FNMA 2055/2065 Single Family Exterior Only Appraisal Report

· Uniform Standards of Professional Appraisal Practice (USPAP) compliant

  • Used to provide the client with an accurate opinion of market value

Report Includes:

  • Exterior inspection of subject with exterior photos
  • Comparable Sales Analysis
  • Exterior inspection of comparables & exterior photos (If required by client)
  • Location Map
  • Certifications & Limiting Conditions
  • 2-3 business days

 

Exterior-Only Individual Condo Unit -

  • FNMA 1075 Condo Exterior Only Appraisal Report
  • Uniform Standards of Professional Appraisal Practice (USPAP) compliant
  • Used to provide the client with an accurate opinion of market value

Report Includes:

  • Exterior Inspection of subject with exterior photos
  • Comparable Sales Analysis
  • Exterior inspection of comparables & exterior photos (If required by client)
  • Location Map
  • Certifications & Limiting Conditions
  • 2-3 business days

Single Family/Condo Loan Prospector –

  • Freddie Mac 2070 Loan Prospector Condition & Marketability Report
  • Uniform Standards of Professional Appraisal Practice (USPAP) compliant
  • Used to qualify a loan for sale to Freddie Mac
  • No estimated value provided

Report Includes:

  • Exterior inspection of the subject with exterior photos
  • Subject property condition analysis
  • Current marketability
  • Location Map
  • Certifications & Limiting conditions
  • 2-3 business days

Single Family/Condo Desktop Underwriter –

  • FNMA 2075 Desktop Underwriter Property Inspection Report
  • Uniform Standard of Professional Appraisal Practice (USPAP) compliant
  • Used by Fannie Mae for a mortgage finance transaction only
  • No estimated value provided

Report Includes:

  • Exterior inspection of the subject with exterior photos
  • Analysis of subject property condition
  • Analysis of current market conditions within the neighborhood
  • Location Map
  • Certifications & Limiting Conditions
  • 1-2 business days

 

Appraisal Review Reports

Single Family/ Condo Field Review –

  • FNMA Form 2000 One-Unit Residential Field Review Report
  • Used to verify the accuracy of a previously completed single family or condo appraisal

Report Includes:

  • Exterior Inspection of the subject with exterior photos
  • Verification of accuracy of data in the original report
  • Reporting of any errors & omissions in the original appraisal report.
  • Exterior inspection of comparables with exterior photos
  • New comparables and/or a sales comparison grid provided to support any discrepancy in value opinion
  • Enhanced - 2 additional comparable sales
  • 2-3 business days

2-4 Unit Residential Field Review Report –

  • Form 2000A Two to Four-Unit Residential Appraisal Field Review Report
  • Used to verify the accuracy of a previously completed appraisal for a 2-4 unit residential property

Report Includes:

  • Exterior inspection of the subject with exterior photos
  • Verification of accuracy of data in original report
  • Reporting of any errors & omissions in the original appraisal report
  • Exterior inspection of comparables with exterior photos
  • Enhanced - 2 additional comparable sales
  • New comparables and/or a sale comparison grid provided to support any discrepancy in value opinion
  • Enhanced – 2 Add’l comparable sales
  • 2-3 business days

 

Standard Desk Review –

  • FNMA Form 2006 Residential Appraisal Review Short Form
  • Used to verify adequacy & soundness of the methodology used to formulate a value conclusion in a previously completed appraisal report of a single unit residential property

Report Includes:

  • Verification of data if available on-line
  • Verification of accuracy & methodology used in original appraisal report
  • Reporting of any errors & omissions with the original appraisal report
  • Enhanced - 2 additional comparable sales
  • 1-2 business days

Other Appraisal Reports -

  • Operating Income Statement
  • Single Family Comparable Rent Schedule
  • Satisfactory Completion
  • Draw Inspection
  • Post Disaster Inspection
  • Land Appraisals
  • Narrative Reports
  • Co-op Reports
  • Recertification of value/Appraisal Update
  • Short form review
  • Narrative form review

Additional Services -

AVM (Automated Valuation Model) Reports – An AVM is generated via a computerized system designed to simulate the traditional appraisal process & provide residential property valuations. AVMs vary widely in accuracy, reliability & usefulness based upon numerous factors including data quality, real estate fundamentals & complexity of the underlying technology.

Our AVMs are supplied by Real Info. an industry leader in Automated Valuation Models. Real Info boasts the highest hit rates & accuracy rates in the industry – 82% average hit rate, including rural counties. In urban & suburban counties, hit rates can exceed 90%. Values are within 8% of the actual market value, compared to 12-14% for the competition.

 

AVM Reports Available:

  • Q-Val Report-Automated Valuation Model (AVM) - The Q-Val (a.k.a. Quick Value) report takes advantage of the large database through a rules-based, expert systems model to arrive at a predicted market value for a particular residential property.
  • I-Val Report-Automated Valuation Model (AVM) – The I-Val (a.k.a. Instant Value) report takes advantage of the large database through a rules-based, expert systems model to instantly arrive at a predicted market value for a particular residential property.
  • RealAssessment Report -Automated Valuation Model – The realAssessment Report is an estimated value based on assessed value & computer analyzed & calculated equalization rate.
  • Flood Certification- This report clearly states whether a particular property is within a flood zone. It uses the Federal Emergency Management Agency (FEMA) flood hazard levels.

Other more in depth reports are available, call for information:

  • HPA-Automated Valuation Model (AVM)
  • AVM Insurance
  • CASA-Automated Valuation Model (AVM)
  • ValueSure-Automated Valuation Model (AVM)
  • VeroVALUE-Automated Valuation Model (AVM)
  • PowerBASE-Automated Valuation Model (AVM)
  • ValuePoint-Automated Valuation Model (AVM)
  • PASS-Automated Valuation Model (AVM)

Precision Appraisal Services, Inc. 1201 Route 37 East, Suite 6 Toms River, NJ 08753
Phone: Fax:

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